Attached files
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| 8-K - FORM 8-K - DOVER Corp | form8k-113011.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
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CONTACT:
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READ IT ON THE WEB
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Paul Goldberg
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www.dovercorporation.com
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Vice President - Investor Relations
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| (212) 922-1640 |
DOVER REALIGNS BUSINESS SEGMENTS AND ANNOUNCES
EXECUTIVE APPOINTMENTS TO SUPPORT GROWTH STRATEGY
Four Segment Structure Organized by End-Market to
Enhance Focus, Drive Growth and Leverage Scale
Downers Grove, IL, November 30, 2011 – Dover Corporation (NYSE: DOV) today announced that the company has realigned into four business segments organized around its key end-markets. Supporting this realignment, the company also announced, effective immediately, the promotions of Jeffrey Niew and John Hartner. The realignment will allow the segments to better focus on end-market growth strategies and capital deployment, while continuing to leverage their scale to capture operational efficiencies. The new structure will also facilitate clearer measurement and benchmarking against other companies in similar end-markets.
The four segments are as follows:
Communication Technologies. With leading positions in the handset and hearing aid component markets, Communication Technologies will benefit from the continuing growth in personal communications. With forecasted 2011 full-year revenue of approximately $1.3 billion, the segment is focused on expanding its leadership position in the wireless communication and medical device markets. Jeffrey Niew, formerly an Executive Vice President in Electronic Technologies, has been appointed President and CEO of Communication Technologies.
Energy. Energy is focused on strong global trends in oil & gas drilling, production and downstream activities, including a significant position in artificial lift technologies. The Energy segment has forecasted 2011 full-year revenue of approximately $1.9 billion. Bill Spurgeon will serve as President and CEO of the Energy segment.
Engineered Systems. Comprised of two platforms, Fluid Solutions and Refrigeration & Industrial, Engineered Systems has forecasted 2011 full-year revenue of approximately $3.3 billion. Fluid Solutions will be focused on the global pump and fluid handling markets, while Refrigeration & Industrial will look to enhance Dover’s strong positions in refrigeration systems and other industrial equipment. Tom Giacomini will serve as President and CEO of Engineered Systems.
Printing & Identification. Focused on expanding its printing deposition technology beyond core fast-moving consumer goods and electronics markets, Printing & Identification will benefit from growing consumerism in developing economies. The segment has forecasted 2011 full-year revenue of approximately $1.6 billion. John Hartner, formerly Executive Vice President of Engineered Systems, has been appointed President and CEO of Printing & Identification.
Commenting on this announcement, Robert A. Livingston, Dover’s President and Chief Executive Officer, said, “Our new segment structure sharpens our focus around end-markets, positions us to execute segment strategies, and strengthens our ability to gain efficiencies and leverage across Dover.”
Mr. Livingston continued, “I am also pleased to announce the appointments of Jeff Niew and John Hartner as President of their respective segments. Jeff and John have distinguished themselves at Dover for their ability to implement competitive strategies on a global scale. During their tenure, they have played important roles in launching new products with innovative technology, while managing costs and focusing on customer service. Jeff’s and John’s promotions are coincident with the upcoming retirement of Dave Van Loan and the new responsibilities of Ray Hoglund. On behalf of everyone at Dover, I want to thank Dave and Ray for their many years of leadership and service as Segment Presidents.”
The realignment will be reflected in Dover’s full-year 2011 financial results. Going forward, Dover will provide customary segment data, including revenue and bookings data, as well as market commentary, on the new segment basis.
The company will discuss this announcement further during its previously announced annual Investor Meeting on Monday, December 5, 2011 in New York. The meeting will begin at 1:00 pm ET and will be available to all interested parties via webcast. The speakers' presentations can be accessed on the Investor Relations section of the Company's website at http://www.dovercorporation.com. The presentations will also be archived on the website and will be available starting on December 6, 2011 at 12:00 pm ET.
About Jeffrey Niew
Mr. Niew, 45, joined Dover as part of the Knowles acquisition in 2005. At Dover, he has been instrumental in overseeing Knowles’ significant growth through the mass commercialization of MEMS microphones. Mr. Niew also led Dover’s acquisition of Sound Solutions, the largest acquisition in the company’s history, which was completed on July 5, 2011. Mr. Niew has been an integral part of the Knowles organization since 2000. He previously held leadership roles at Hewlett Packard.
About John Hartner
Mr. Hartner, 48, joined Dover in 2000. Prior to serving as the Executive Vice President of Engineered Systems, Mr. Hartner held the position of Executive Vice President at Electronic Technologies. Before that, he served as the President of DEK International. John was instrumental in broadening the business scope of Electronic Technologies including DEK’s emergence in the solar energy business. Before joining Dover, he held leadership roles at Rockwell Automation and FMC Technologies.
Details of New Segment Structure
Summarized below is information on the realignment of Dover’s business units within its new segment structure:
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Dover Engineered Systems
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Dover Communication Technologies
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(“DES”)
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(“DCT”)
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Fluid Solutions
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Ceramic & Microwave Products
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HydroSystems
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Colder
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Pump Solutions Group
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Knowles
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SWEP
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Sargent
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Vectron
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Refrigeration & Industrial
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Belvac
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Dover Energy
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De-Sta-Co
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(“DE”)
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Environmental Solutions Group
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Heil Trailer International
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Cook Compression
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Hill Phoenix
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Norris Production Solutions
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PDQ
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OPW Fluid Transfer
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Performance Motorsports
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OPW Fueling Components
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Texas Hydraulics
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Quartzdyne
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Tipper Tie
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Tulsa Winch Group
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Unified Brands
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US Synthetic
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Vehicle Service Group
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Waukesha Bearings
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Warn
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Dover Printing & Identification
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(“DPI”)
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Datamax O’Neil
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DEK
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Everett Charles Technologies
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Markem Imaje
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OK International
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About Dover:
Dover Corporation is a multi-billion dollar diversified global manufacturer. For over 50 years, Dover has been providing its customers with outstanding products and services in industrial technology that reflect the company’s commitment to operational excellence, innovation and market leadership. The company focuses on innovative equipment and components, specialty systems and support services through its four major operating segments: Communication Technologies, Energy, Engineered Systems and Printing & Identification. Dover employs over 34,000 people worldwide. The company is headquartered in Downers Grove, Illinois. Additional information is available at www.dovercorporation.com.
Non-GAAP Information:
The following Investor Supplement tables contain historical financial information presented under Dover’s new segment structure, as discussed within this release. These segment level disclosures are considered “Non-GAAP” financial information until such time that the new segment reporting structure is included within a periodic filing with the Securities and Exchange Commission. Management believes this non-GAAP financial information is useful to investors to better understand historical trends under the revised segment structure, which the company will be reporting under in its Form 10-K for the year ending December 31, 2011.
Dover Corporation makes information available to the public, orally and in writing, which may use "forward-looking statements" under the Private Securities Litigation Reform Act of 1995 that concern future events and the performance of Dover Corporation. Dover Corporation refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover Corporation undertakes no obligation to update any forward-looking statement.
INVESTOR SUPPLEMENT
DOVER CORPORATION
Revenue, Earnings & Other Data by Segment
(unaudited, non-GAAP) (in thousands)
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For the Years Ended December 31,
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2010
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2009
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2008
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REVENUE
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Communication Technologies
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$ | 1,076,012 | $ | 916,031 | $ | 1,025,037 | ||||||
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Energy
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1,303,506 | 998,272 | 1,441,859 | |||||||||
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Engineered Systems
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2,966,684 | 2,498,203 | 3,120,483 | |||||||||
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Printing & Identification
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1,476,830 | 1,133,499 | 1,560,683 | |||||||||
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Intra-segment eliminations
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(8,569 | ) | (5,943 | ) | (11,206 | ) | ||||||
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Total consolidated revenue
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$ | 6,814,463 | $ | 5,540,062 | $ | 7,136,856 | ||||||
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EARNINGS FROM CONTINUING OPERATIONS
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Segment Earnings:
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Communication Technologies
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$ | 205,215 | $ | 142,541 | $ | 152,369 | ||||||
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Energy
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316,113 | 211,962 | 339,724 | |||||||||
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Engineered Systems
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398,262 | 302,908 | 438,063 | |||||||||
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Printing & Identification
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237,368 | 78,026 | 214,810 | |||||||||
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Total segments
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1,156,958 | 735,437 | 1,144,966 | |||||||||
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Corporate expense / other (1)
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135,714 | 117,995 | 115,195 | |||||||||
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Net interest expense
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106,341 | 100,379 | 96,045 | |||||||||
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Earnings from continuing operations before provision for income taxes and discontinued operations (2)
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914,903 | 517,063 | 933,726 | |||||||||
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Provision for taxes
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213,696 | 129,668 | 249,011 | |||||||||
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Earnings from continuing operations - total consolidated
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$ | 701,207 | $ | 387,395 | $ | 684,715 | ||||||
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OPERATING MARGINS
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Segments:
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Communication Technologies
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19.1 | % | 15.6 | % | 14.9 | % | ||||||
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Energy
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24.3 | % | 21.2 | % | 23.6 | % | ||||||
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Engineered Systems
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13.4 | % | 12.1 | % | 14.0 | % | ||||||
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Printing & Identification
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16.1 | % | 6.9 | % | 13.8 | % | ||||||
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Total segments
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17.0 | % | 13.3 | % | 16.0 | % | ||||||
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Earnings from continuing operations
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13.4 | % | 9.3 | % | 13.1 | % | ||||||
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DEPRECIATION and AMORTIZATION (Continuing)
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Communication Technologies
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$ | 72,262 | $ | 69,393 | $ | 67,882 | ||||||
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Energy
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48,842 | 40,350 | 35,900 | |||||||||
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Engineered Systems
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74,804 | 71,125 | 72,151 | |||||||||
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Printing & Identification
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46,302 | 51,533 | 60,496 | |||||||||
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Corporate
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2,037 | 1,097 | 1,027 | |||||||||
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Consolidated total
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$ | 244,247 | $ | 233,498 | $ | 237,456 | ||||||
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CAPITAL EXPENDITURES (Continuing)
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Communication Technologies
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$ | 41,222 | $ | 25,339 | $ | 38,797 | ||||||
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Energy
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48,916 | 31,662 | 59,673 | |||||||||
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Engineered Systems
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59,600 | 38,990 | 51,210 | |||||||||
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Printing & Identification
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15,623 | 16,989 | 19,658 | |||||||||
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Corporate
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11,607 | 1,370 | 207 | |||||||||
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Consolidated total
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$ | 176,968 | $ | 114,350 | $ | 169,545 | ||||||
| 2010 | 2009 | 2008 | ||||||||||
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TOTAL ASSETS AT DECEMBER 31
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Communication Technologies
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$ | 1,542,316 | $ | 1,530,079 | $ | 1,592,590 | ||||||
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Energy
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1,011,368 | 831,597 | 796,307 | |||||||||
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Engineered Systems
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2,212,310 | 2,129,116 | 2,137,604 | |||||||||
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Printing & Identification
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1,841,400 | 1,770,365 | 1,824,056 | |||||||||
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Corporate (principally cash and equivalents and marketable securities)
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1,448,211 | 1,053,496 | 962,439 | |||||||||
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Total continuing assets
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8,055,605 | 7,314,653 | 7,312,996 | |||||||||
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Assets from discontinued operations
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507,289 | 567,750 | 570,242 | |||||||||
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Consolidated total
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$ | 8,562,894 | $ | 7,882,403 | $ | 7,883,238 | ||||||
(1) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include non-service pension costs, non-operating insurance expenses, and various administrative expenses relating to the corporate headquarters.
(2) Reflects impact of the discontinuance of Paladin Brands and Crenlo LLC which were sold in the third quarter of 2011.
DOVER CORPORATION
Quarterly Segment Information
(unaudited, non-GAAP) (in thousands)
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2011
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2010
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| Q1 | Q2 | Q3 |
Q3 YTD
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Q1 | Q2 | Q3 | Q4 |
FY 2010
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REVENUE
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Communication Technologies
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$ | 269,582 | $ | 288,843 | $ | 405,357 | $ | 963,782 | $ | 246,531 | $ | 269,107 | $ | 280,031 | $ | 280,343 | $ | 1,076,012 | ||||||||||||||||||
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Energy
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425,424 | 454,327 | 510,608 | 1,390,359 | 296,792 | 319,305 | 326,149 | 361,261 | 1,303,507 | |||||||||||||||||||||||||||
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Engineered Systems
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Fluids
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163,196 | 178,031 | 173,804 | 515,031 | 134,542 | 139,218 | 150,302 | 143,852 | 567,914 | |||||||||||||||||||||||||||
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Refrigeration & Industrial
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615,378 | 706,454 | 716,800 | 2,038,632 | 524,060 | 623,289 | 666,773 | 586,094 | 2,400,216 | |||||||||||||||||||||||||||
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Eliminations
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(403 | ) | (444 | ) | (593 | ) | (1,440 | ) | (287 | ) | (387 | ) | (384 | ) | (388 | ) | (1,446 | ) | ||||||||||||||||||
| 778,171 | 884,041 | 890,011 | 2,552,223 | 658,315 | 762,120 | 816,691 | 729,558 | 2,966,684 | ||||||||||||||||||||||||||||
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Printing & Identification
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394,627 | 429,497 | 400,515 | 1,224,639 | 316,472 | 356,732 | 381,636 | 421,990 | 1,476,830 | |||||||||||||||||||||||||||
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Intra-segment eliminations
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(2,762 | ) | (2,851 | ) | (3,103 | ) | (8,716 | ) | (1,613 | ) | (2,169 | ) | (2,349 | ) | (2,439 | ) | (8,570 | ) | ||||||||||||||||||
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Total consolidated revenue
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$ | 1,865,042 | $ | 2,053,857 | $ | 2,203,388 | $ | 6,122,287 | $ | 1,516,497 | $ | 1,705,095 | $ | 1,802,158 | $ | 1,790,713 | $ | 6,814,463 | ||||||||||||||||||
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NET EARNINGS
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Segment Earnings:
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Communication Technologies
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$ | 47,325 | $ | 54,527 | $ | 53,433 | $ | 155,285 | $ | 46,125 | $ | 52,593 | $ | 55,852 | $ | 50,645 | $ | 205,215 | ||||||||||||||||||
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Energy
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93,051 | 110,447 | 125,268 | 328,766 | 68,277 | 81,552 | 78,959 | 87,325 | 316,113 | |||||||||||||||||||||||||||
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Engineered Systems
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103,190 | 134,668 | 133,387 | 371,245 | 82,918 | 110,068 | 120,352 | 84,924 | 398,262 | |||||||||||||||||||||||||||
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Printing & Identification
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54,637 | 67,967 | 59,447 | 182,051 | 42,043 | 54,759 | 62,471 | 78,095 | 237,368 | |||||||||||||||||||||||||||
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Total segments
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298,203 | 367,609 | 371,535 | 1,037,347 | 239,363 | 298,972 | 317,634 | 300,989 | 1,156,958 | |||||||||||||||||||||||||||
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Corporate expense / other
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36,100 | 35,378 | 34,086 | 105,564 | 33,325 | 32,443 | 34,553 | 35,393 | 135,714 | |||||||||||||||||||||||||||
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Net interest expense
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28,286 | 28,134 | 30,048 | 86,468 | 27,169 | 26,942 | 26,335 | 25,895 | 106,341 | |||||||||||||||||||||||||||
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Earnings from continuing operations before provision for income taxes
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233,817 | 304,097 | 307,401 | 845,315 | 178,869 | 239,587 | 256,746 | 239,701 | 914,903 | |||||||||||||||||||||||||||
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Provision for income taxes
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55,707 | 60,788 | 78,824 | 195,319 | 55,310 | 70,042 | 37,437 | 50,907 | 213,696 | |||||||||||||||||||||||||||
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Earnings from continuing operations
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178,110 | 243,309 | 228,577 | 649,996 | 123,559 | 169,545 | 219,309 | 188,794 | 701,207 | |||||||||||||||||||||||||||
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Earnings (loss) from discontinued operations, net
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16,795 | 6,460 | (56,297 | ) | (33,042 | ) | (15,432 | ) | 325 | 4,450 | 9,554 | (1,103 | ) | |||||||||||||||||||||||
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Net earnings
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$ | 194,905 | $ | 249,769 | $ | 172,280 | $ | 616,954 | $ | 108,127 | $ | 169,870 | $ | 223,759 | $ | 198,348 | $ | 700,104 | ||||||||||||||||||
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SEGMENT OPERATING MARGIN
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Communication Technologies
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17.6 | % | 18.9 | % | 13.2 | % | 16.1 | % | 18.7 | % | 19.5 | % | 19.9 | % | 18.1 | % | 19.1 | % | ||||||||||||||||||
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Energy
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21.9 | % | 24.3 | % | 24.5 | % | 23.6 | % | 23.0 | % | 25.5 | % | 24.2 | % | 24.2 | % | 24.3 | % | ||||||||||||||||||
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Engineered Systems
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13.3 | % | 15.2 | % | 15.0 | % | 14.5 | % | 12.6 | % | 14.4 | % | 14.7 | % | 11.6 | % | 13.4 | % | ||||||||||||||||||
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Printing & Identification
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13.8 | % | 15.8 | % | 14.8 | % | 14.9 | % | 13.3 | % | 15.4 | % | 16.4 | % | 18.5 | % | 16.1 | % | ||||||||||||||||||
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Total segments
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16.0 | % | 17.9 | % | 16.9 | % | 16.9 | % | 15.8 | % | 17.5 | % | 17.6 | % | 16.8 | % | 17.0 | % | ||||||||||||||||||
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DEPRECIATION AND AMORTIZATION EXPENSE (Continuing)
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Communication Technologies
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$ | 18,685 | $ | 18,533 | $ | 34,360 | $ | 71,578 | $ | 17,345 | $ | 17,494 | $ | 18,081 | $ | 19,342 | $ | 72,262 | ||||||||||||||||||
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Energy
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18,573 | 18,765 | 19,399 | 56,737 | 11,511 | 12,349 | 11,942 | 13,040 | 48,842 | |||||||||||||||||||||||||||
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Engineered Systems
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18,989 | 19,412 | 18,883 | 57,284 | 18,754 | 18,342 | 19,000 | 18,708 | 74,804 | |||||||||||||||||||||||||||
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Printing & Identification
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11,372 | 11,685 | 11,548 | 34,605 | 11,857 | 11,556 | 11,322 | 11,567 | 46,302 | |||||||||||||||||||||||||||
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Corporate
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586 | 626 | 636 | 1,848 | 369 | 336 | 658 | 674 | 2,037 | |||||||||||||||||||||||||||
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Consolidated total
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$ | 68,205 | $ | 69,021 | $ | 84,826 | $ | 222,052 | $ | 59,836 | $ | 60,077 | $ | 61,003 | $ | 63,331 | $ | 244,247 | ||||||||||||||||||
DOVER CORPORATION
Quarterly Segment Information
(unaudited, non-GAAP) (in thousands)
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2011
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2010
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| Q1 | Q2 | Q3 |
Q3 YTD
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Q1 | Q2 | Q3 | Q4 |
FY 2010
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BOOKINGS
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Communication Technologies
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$ | 274,611 | $ | 309,734 | $ | 410,616 | $ | 994,961 | $ | 257,767 | $ | 304,026 | $ | 278,686 | $ | 287,786 | $ | 1,128,265 | ||||||||||||||||||
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Energy
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495,125 | 472,543 | 498,212 | 1,465,880 | 300,441 | 326,217 | 326,080 | 366,277 | 1,319,015 | |||||||||||||||||||||||||||
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Engineered Systems
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Fluids
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173,626 | 175,539 | 174,772 | 523,937 | 136,459 | 147,215 | 145,823 | 144,389 | 573,886 | |||||||||||||||||||||||||||
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Refrigeration & Industrial
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765,836 | 757,547 | 657,030 | 2,180,413 | 630,690 | 654,448 | 581,020 | 637,156 | 2,503,314 | |||||||||||||||||||||||||||
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Eliminations
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(727 | ) | (856 | ) | 146 | (1,437 | ) | (484 | ) | (614 | ) | (622 | ) | (615 | ) | (2,335 | ) | |||||||||||||||||||
| 938,735 | 932,230 | 831,948 | 2,702,913 | 766,665 | 801,049 | 726,221 | 780,930 | 3,074,865 | ||||||||||||||||||||||||||||
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Printing & Identification
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438,526 | 386,259 | 384,085 | 1,208,870 | 370,598 | 404,088 | 399,788 | 398,570 | 1,573,044 | |||||||||||||||||||||||||||
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Intra-segment eliminations
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(2,736 | ) | (3,370 | ) | (2,453 | ) | (8,559 | ) | (1,641 | ) | (2,317 | ) | (2,395 | ) | (2,687 | ) | (9,040 | ) | ||||||||||||||||||
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Total consolidated bookings
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$ | 2,144,261 | $ | 2,097,396 | $ | 2,122,408 | $ | 6,364,065 | $ | 1,693,830 | $ | 1,833,063 | $ | 1,728,380 | $ | 1,830,876 | $ | 7,086,149 | ||||||||||||||||||
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BACKLOG
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Communication Technologies
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$ | 410,843 | $ | 431,558 | $ | 483,512 | $ | 347,980 | $ | 381,828 | $ | 396,581 | $ | 404,374 | ||||||||||||||||||||||
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Energy
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240,198 | 255,889 | 243,401 | 123,456 | 128,058 | 136,374 | 152,183 | |||||||||||||||||||||||||||||
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Engineered Systems
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Fluids
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57,357 | 54,945 | 55,230 | 42,882 | 50,346 | 46,556 | 47,123 | |||||||||||||||||||||||||||||
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Refrigeration & Industrial
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684,707 | 735,582 | 670,034 | 535,864 | 565,294 | 483,488 | 535,443 | |||||||||||||||||||||||||||||
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Eliminations
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(333 | ) | (504 | ) | (94 | ) | (190 | ) | (314 | ) | (262 | ) | (297 | ) | ||||||||||||||||||||||
| 741,731 | 790,023 | 725,170 | 578,556 | 615,326 | 529,782 | 582,269 | ||||||||||||||||||||||||||||||
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Printing & Identification
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262,629 | 220,619 | 197,792 | 166,439 | 209,178 | 235,360 | 213,589 | |||||||||||||||||||||||||||||
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Intra-segment eliminations
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(705 | ) | (1,177 | ) | (891 | ) | (361 | ) | (570 | ) | (482 | ) | (728 | ) | ||||||||||||||||||||||
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Total consolidated backlog
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$ | 1,654,696 | $ | 1,696,912 | $ | 1,648,984 | $ | 1,216,070 | $ | 1,333,820 | $ | 1,297,615 | $ | 1,351,687 | ||||||||||||||||||||||
DOVER CORPORATION
Quarterly Earnings per Share
(unaudited) (in thousands, except per share figures)
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2011
|
2010
|
|||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 |
Q3 YTD
|
Q1 | Q2 | Q3 | Q4 |
FY 2010
|
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|
Basic earnings (loss) per common share:
|
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|
Continuing operations
|
$ | 0.95 | $ | 1.31 | $ | 1.23 | $ | 3.49 | $ | 0.66 | $ | 0.91 | $ | 1.17 | $ | 1.01 | $ | 3.75 | ||||||||||||||||||
|
Discontinued operations
|
0.09 | 0.03 | (0.30 | ) | (0.18 | ) | (0.08 | ) | - | 0.02 | 0.05 | (0.01 | ) | |||||||||||||||||||||||
|
Net earnings
|
1.04 | 1.34 | 0.93 | 3.31 | 0.58 | 0.91 | 1.20 | 1.06 | 3.75 | |||||||||||||||||||||||||||
|
Diluted earnings (loss) per common share:
|
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|
Continuing operations
|
$ | 0.94 | $ | 1.28 | $ | 1.21 | $ | 3.43 | $ | 0.66 | $ | 0.90 | $ | 1.16 | $ | 0.99 | $ | 3.71 | ||||||||||||||||||
|
Discontinued operations
|
0.09 | 0.03 | (0.30 | ) | (0.17 | ) | (0.08 | ) | - | 0.02 | 0.05 | (0.01 | ) | |||||||||||||||||||||||
|
Net earnings
|
1.03 | 1.32 | 0.91 | 3.26 | 0.58 | 0.90 | 1.19 | 1.04 | 3.70 | |||||||||||||||||||||||||||
|
Adjusted diluted earnings per common share (calculated below):
|
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|
Continuing operations
|
$ | 0.90 | $ | 1.16 | $ | 1.20 | $ | 3.26 | $ | 0.66 | $ | 0.90 | $ | 0.96 | $ | 0.92 | $ | 3.44 | ||||||||||||||||||
|
Net earnings (loss) and average shares used in calculated earnings (loss) per share amounts are as follows:
|
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|
Net earnings (loss):
|
||||||||||||||||||||||||||||||||||||
|
Continuing operations
|
$ | 178,110 | $ | 243,309 | $ | 228,577 | $ | 649,996 | $ | 123,559 | $ | 169,545 | $ | 219,309 | $ | 188,794 | $ | 701,207 | ||||||||||||||||||
|
Discontinued operations
|
16,795 | 6,460 | (56,297 | ) | (33,042 | ) | (15,432 | ) | 325 | 4,450 | 9,554 | (1,103 | ) | |||||||||||||||||||||||
|
Net earnings
|
194,905 | 249,769 | 172,280 | 616,954 | 108,127 | 169,870 | 223,759 | 198,348 | 700,104 | |||||||||||||||||||||||||||
|
Average shares outstanding:
|
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|
Basic
|
186,659 | 186,443 | 185,770 | 186,246 | 187,093 | 186,823 | 186,721 | 186,923 | 186,897 | |||||||||||||||||||||||||||
|
Diluted
|
190,090 | 189,705 | 188,436 | 189,420 | 187,886 | 188,720 | 188,565 | 189,863 | 189,170 | |||||||||||||||||||||||||||
|
NOTE:
|
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|
Earnings from continuing operations are adjusted by discrete and other tax items to derive adjusted earnings from continuing operations and adjusted diluted earnings per common share as follows:
|
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| 2011 | 2010 | |||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 |
Q3 YTD
|
Q1 | Q2 | Q3 | Q4 |
FY 2010
|
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|
Adjusted earnings from continuing operations:
|
||||||||||||||||||||||||||||||||||||
|
Earnings from continuing operations
|
$ | 178,110 | $ | 243,309 | $ | 228,577 | $ | 649,996 | $ | 123,559 | $ | 169,545 | $ | 219,309 | $ | 188,794 | $ | 701,207 | ||||||||||||||||||
|
Gains from discrete and other tax items
|
8,016 | 22,338 | 2,390 | 32,744 | - | - | 36,956 | 13,296 | 50,252 | |||||||||||||||||||||||||||
|
Adjusted earnings from continuing operations
|
$ | 170,094 | $ | 220,971 | $ | 226,187 | $ | 617,252 | $ | 123,559 | $ | 169,545 | $ | 182,353 | $ | 175,498 | $ | 650,955 | ||||||||||||||||||
|
Adjusted diluted earnings per common share:
|
||||||||||||||||||||||||||||||||||||
|
Earnings from continuing operations
|
$ | 0.94 | $ | 1.28 | $ | 1.21 | $ | 3.43 | $ | 0.66 | $ | 0.90 | $ | 1.16 | $ | 0.99 | $ | 3.71 | ||||||||||||||||||
|
Gains from discrete and other tax items
|
0.04 | 0.12 | 0.01 | 0.17 | - | - | 0.20 | 0.07 | 0.27 | |||||||||||||||||||||||||||
|
Adjusted earnings from continuing operations
|
$ | 0.90 | $ | 1.16 | $ | 1.20 | $ | 3.26 | $ | 0.66 | $ | 0.90 | $ | 0.96 | $ | 0.92 | $ | 3.44 | ||||||||||||||||||